Capital One says it closed Trump Organization's accounts after anti-money laundering probe

By Kenrick Cai

SAN FRANCISCO, Aug 1 (Reuters) - Capital One Financial deed backmost connected Friday against a suit implicit its determination to adjacent the Trump Organization's slope accounts years ago, stating that it did ‌so aft a reappraisal by anti-money laundering experts.

The disclosure marks the archetypal clip a slope has ‌formally tied wealth laundering concerns to U.S. President Donald Trump's household business. Capital One is seeking to disregard the lawsuit by casting uncertainty connected ​claims of illegally debanking — oregon denying services connected spiritual oregon governmental grounds — the Trump Organization.

The Trump Organization and Capital One did not instantly respond to requests for comment.

Capital One has ne'er accused the Trump Organization of amerciable wealth laundering. But Friday's filing argues that "documents and Plaintiffs' ain allegations marque wide that Capital One closed Plaintiffs' accounts for anti-money laundering ("AML") reasons. The ‌closures were the effect of months of ⁠analysis and a cautious reappraisal by Capital One's AML squad successful accordance with slope policies and regulatory guidance."

Capital One gave announcement of its plans to adjacent much than 300 Trump-affiliated ⁠bank accounts successful March 2021. The Trump Organization and Eric Trump, the president's son, filed a suit successful March 2025 successful a Florida national court, alleging the accounts were closed due to the fact that of Capital One's "woke" beliefs and its tendency to payment from the ​political ​mood aft the January 6, 2021 riot astatine the U.S. ​Capitol.

'MISGUIDED' ALLEGATIONS: CAPITAL ONE

The national tribunal successful Miami ‌has tossed 2 complaints successful the Capital One case, but gave the plaintiffs opportunities each clip to taxable an amended complaint. Capital One said that the latest version, filed successful July, "suffers from the aforesaid cardinal flaws arsenic their anterior 2 pleadings."

Capital One said successful Friday's filing that the Trump Organization's allegations of governmental pretext were "misguided" and "based connected cherry-picked quotations unsupported by the afloat context" of documents submitted to the court.

"The transaction patterns identified by Capital One are among ‌the types of enactment flagged by national banking guidance," the filing ​said.

Since the commencement of Trump's 2nd term, his medication has enactment ​pressure connected immoderate ample banks, echoing blimpish complaints ​that the institutions are deliberately targeting the governmental right.

Trump signed an enforcement bid successful August ‌2025 barring discriminatory debanking. In January, Trump filed a ​suit against JPMorgan Chase connected ​the aforesaid grounds, underscoring the fraught argumentation situation Wall Street is navigating during the president's 2nd term.